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Japan’s Fuji TV is facing criticism over its handling of alleged sexual misconduct by celebrity TV host and actor Masahiro Nakai, which have sent its parent’s share price tumbling in recent weeks.
A group representing investors associated with U.S.’s Dalton Investments expressed “outrage” in a public letter to the Fuji board published this week over an alleged lack of transparency, following reports that Nakai harassed a woman and that an employee of Fuji Media was involved in the incident.
Dalton and its British affiliate, Rising Sun Management, together own a stake of over 7% in Fuji Media Holdings, which owns Fuji TV. Dalton is known as an activist investor. “The lack of consistency and, importantly, transparency in both reporting the facts and the subsequent unforgivable shortcomings in your response merit serious condemnation that serves not only to undermine viewer trust, but also leads directly to erode shareholder value,” the letter said.
Financial newspaper Nikkei reported that Fuji TV is set to hold a press conference in Japan today, but only selected media have been invited. Fuji TV has denied employee involvement and said that an inquiry involving an external lawyer was already underway.
Deadline has reached out to Fuji TV for comment.
Shares of Fuji Media Holdings have fallen 10% since the scandal was reported in late December, a greater decline compared with domestic rivals.
Nakai is one of Japan’s most prominent TV hosts, making regular appearances across several channels. He used to be a member of now-defunct Japanese boyband SMAP.
Bloomberg reported that Nakai has issued a statement on his website, acknowledging that he had reached a settlement with the alleged victim, without referring directly to the incident.
